Newest CIT Bank Promotions: Best Offers, Coupons and Bonuses May 2020

Don't miss the last chance to get these CIT Bank promotions.

CIT Bank is a subsidiary of financial holding company CIT Group and offers online checking and savings accounts along with various other deposit and loan products. This month you can snag a bonus worth up to $300 when you sign up for current CIT Bank promotions.

If you’ve never opened a bank account for a promotion or sign-up bonus, you’re not alone. More than 65% of respondents in a GOBankingRates survey said cash bonuses aren’t enough to convince them to change banks. That’s effectively leaving money on the table.

Unlike many bank promotions, the latest offer from CIT Bank is available to both new and existing customers who have a Savings Builder account. However, you’ll need to make a large initial deposit to qualify.

Here’s what you’ll find in this guide to CIT Bank’s promotions for May 2020:

CIT Bank Promotions at a Glance

Before diving into the details, here’s a quick rundown of the latest CIT Bank bonuses:

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Best CIT Bank Promotions: May 2020
AccountCash Value of BonusExpiration Date
Savings Builder Account$300May 30, 2020
Savings Builder Account$150May 30, 2020

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CIT Bank Savings Builder Account

 

Current CIT Bank Promotions, Offers, Coupons & Bonuses

You can save money at CIT Bank by taking advantage of the latest available offers. CIT Bank is continuing its spring promotion for the Savings Builder Account, which lets both new and existing customers get cash bonuses for meeting certain requirements. Keep reading to learn more.

CIT Savings Builder Account: $300 Bonus

The CIT Savings Builder account is designed to maximize your savings through daily compounding interest and an impressive 1.55% annual percentage yield for account holders who meet certain requirements. Here’s how to earn the $300 bonus:

  • Cash Value: $300
  • Minimum Deposit To Qualify: $50,000
  • Expiration Date: May 30, 2020
  • How To Get It: Both new and existing customers can use the link provided on the enrollment page to open a Savings Builder account or sign up for the promotion by May 30. After that, you’ll need to fund the account within 15 days to reach the $50,000 minimum balance. Use CIT Bank coupon code Spring20 when enrolling.
  • When You’ll Get It: Within one to seven business days following the funding period
  • Terms and Conditions: You must fund your account with outside funds within 15 days of opening the account, known as the funding period. Existing CIT Bank customers must maintain a minimum balance of $50,000 for 30 calendar days following the end of the funding period. New customers must maintain the minimum balance for at least 90 calendar days.
  • Monthly Fees: None
  • Promotion Page: Savings Builder bonus offer

CIT Savings Builder Account: $150 Bonus

If you don’t have the money to make the initial deposit for the $300 bonus, you can still earn $150 on a CIT Savings Builder Account with a minimum deposit of $25,000.  No matter which bonus you get, once you earn it you’re limited to six convenience transactions per statement cycle. Here’s more:

  • Cash Value: $150
  • Minimum Deposit To Qualify: $25,000
  • Expiration Date: May 30, 2020
  • How To Get It: New CIT Bank customers must use a valid promo code to open the account and make the minimum deposit. The promo code for the Savings Builder account bonus promotion can be found on the enrollment page. Existing customers just need to enroll their savings accounts and make the minimum deposit needed to qualify for the promotion.
  • When You’ll Get It: Within one to seven business days following the funding period
  • Terms and Conditions: You must fund your account with new money within 15 days of opening the account, also known as the funding period. Existing customers must maintain a minimum balance of $25,000 for 30 calendar days following the end of the funding period. New customers must maintain the minimum balance for at least 90 calendar days.
  • Monthly Fees: None
  • Promotion Page: Savings Builder bonus offer

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How To Open a CIT Bank Account

CIT Bank is an online-only bank, so you won’t be able to open an account in person to score the CIT Bank bonuses. Here’s how to open an account online:

  1. Go to CIT Bank’s account opening page. For the Savings Builder promotion, click here.
  2. Select whether you are a new or existing CIT Bank customer.
  3. Follow the instructions to complete the application.

You can also call CIT Bank at 855-462-2652 to open an account. Help is available Monday through Friday from 9 a.m. to 9 p.m. EST and Saturday from 10 a.m. to 6 p.m. EST.

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Are CIT Bank Promotions Right for You?

Whether or not CIT Bank is a good choice for you depends on your financial needs. CIT bank is not a full-service bank, so if you prefer branch banking it’s probably not a good choice. The bank also has a limited number of products. Outside of checking, savings, money market and CD accounts, its only other products are loans.

On the plus side, CIT Bank accounts don’t charge monthly service fees and pay higher-than-average rates. If you don’t mind banking online — and have at least $25,000 to deposit — it might be worth your while to score a nice cash bonus via the Savings Builder account.

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    This content is not provided by CIT Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by CIT Bank.

    This article has been updated with additional reporting since its original publication.

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    About the Author

    Cynthia Measom is a Texas-based writer specializing in finance, business, parenting and education. With almost a decade of online writing experience, her work has appeared on websites such as Chron.com, The Bump and The Motley Fool. Measom received a Bachelor of Arts in English from the University of Texas at Austin.